Celsius, the cryptocurrency lending platform that declared bankruptcy in 2022, has made significant progress in paying back its creditors, according to a recent court filing by its legal team, Kirkland & Ellis. The company, which began the payout process at the end of January, has successfully distributed $2 billion in cryptocurrency, covering nearly 75% of the total commitment.

The filing detailed the distribution of 20,255.66 BTC and 301,338.77 ETH to a total of 171,672 creditors, primarily through PayPal/Venmo and Coinbase platforms. This move is part of Celsius’s strategy to resolve its financial obligations following a tumultuous period that revealed a $1.2 billion shortfall in its accounts.

To accommodate international creditors in regions where banking practices differ, Celsius has opted for wire transfers over bank checks for cash distributions. This decision aims to address concerns from numerous creditors about depositing checks from U.S. banks in their local jurisdictions.

Additionally, creditors in line to receive shares from a new mining company, established from the remnants of Celsius’s assets, are to be contacted by Odyssey Transfer and Trust Company with further details.

Celsius also reminded former users who withdrew funds from the platform within 90 days before its bankruptcy filing that they must return a portion of those withdrawals before their claims can be processed. This stipulation is part of the broader effort to equitably distribute the recovered assets among affected parties.

Emerging from bankruptcy in November, Celsius’s efforts to reimburse its creditors mark a crucial step towards rectifying the financial turmoil and restoring trust among its user base.